HAYWARD, Calif., Jun 14, 2004 (BUSINESS WIRE) -- IMPAX
Laboratories, Inc. (Nasdaq:IPXL) announced that it has filed a
registration statement on Form S-3 with the Securities and Exchange
Commission covering the resale of $95 million aggregate principal
amount of its 1.250% Convertible Senior Subordinated Debentures due
2024, and the shares of common stock issuable upon conversion of the
debentures. The debentures were initially issued in a private
placement on April 5, 2004 to qualified institutional buyers, as
defined in Rule 144A of the Securities Act of 1933, as amended. The
Company was required to file the registration statement under the
terms of the private placement. Once the registration statement is
declared effective, the debentures and the shares of common stock into
which the debentures are convertible may be offered for resale by the
holders listed as selling securityholders in the registration
statement. Holders of the debentures who desire to be listed as
selling securityholders in the registration statement are required to
submit to IMPAX Laboratories, Inc. the selling securityholders'
questionnaire provided in connection with the private placement. The
Company will not receive any proceeds from the resale by the selling
securityholders of the debentures or the shares of common stock
issuable upon the conversion of the debentures.
Although a registration statement relating to these securities has
been filed with the Securities and Exchange Commission, it has not yet
become effective. The debentures and the underlying shares of common
stock issuable upon conversion of the debentures may not be offered,
nor may offers to buy these securities be accepted, prior to the time
the registration statement becomes effective. This press release does
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under applicable
securities laws, or absent the availability of an exemption from such
registration or qualification requirements.
IMPAX Laboratories, Inc. is a technology based specialty
pharmaceutical company applying its formulation expertise and drug
delivery technology to the development of controlled-release and
specialty generics in addition to the development of branded products.
IMPAX markets its generic products through its Global Pharmaceuticals
division and intends to market its branded products through the IMPAX
Pharmaceuticals division. Additionally, where strategically
appropriate, IMPAX has developed marketing partnerships to fully
leverage its technology platform. IMPAX Laboratories is headquartered
in Hayward, California, and has a full range of capabilities in its
Hayward and Philadelphia facilities. For more information, please
visit the Company's Web site at: www.impaxlabs.com.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995:
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking in nature and express the beliefs and expectations of
management. Such statements are based on current expectations and
involve a number of known and unknown risks and uncertainties that
could cause Impax's future results, performance or achievements to
differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, Impax's ability to
obtain sufficient capital to fund its operations, the difficulty of
predicting FDA filings and approvals, consumer acceptance and demand
for new pharmaceutical products, the impact of competitive products
and pricing, Impax's ability to successfully develop and commercialize
pharmaceutical products, Impax's reliance on key strategic alliances,
the uncertainty of patent litigation, the availability of raw
materials, the regulatory environment, dependence on patent and other
protection for innovative products, exposure to product liability
claims, fluctuations in operating results and other risks detailed
from time to time in Impax's filings with the Securities and Exchange
Commission. Forward-looking statements speak only as to the date on
which they are made, and Impax undertakes no obligation to update
publicly or revise any forward-looking statement, regardless of
whether new information becomes available, future developments occur
or otherwise.
SOURCE: IMPAX Laboratories, Inc.
IMPAX Laboratories, Inc.
Barry R. Edwards (CEO), 215-933-0323 Ext. 4360
Larry Hsu, Ph.D. (President), 510-476-2000 Ext. 1111
Cornel C. Spiegler (CFO), 215-289-2220 Ext. 1706
www.impaxlabs.com
or
Investor Relations:
Lippert/Heilshorn & Associates, Inc.
Kim Sutton Golodetz, 212-838-3777 (kgolodetz@lhai.com)
Bruce Voss, 310-691-7100 (bvoss@lhai.com)
www.lhai.com